Weekly Update 27 Sep 2024

Continuing the pattern of the last two weeks, national currencies and bonds moved lower and cryptos rose, while stocks and commodities were mixed. The broad CCi30 crypto index and coffee had the largest gains, rising 6.0% and 5.1% respectively, followed by the Nikkei 225 index, up 4.3%, and copper, up 3.8%. The largest losses were in crude oil, down 6.0%, and palladium, down 5.4%, followed by gold stocks, down 2.8%, and long dated treasury bonds, down 2.4%.

Many national currencies made new all-time lows this week, including the US and Canadian Dollars, the Euro, the Pound, the Swiss Franc, and the Chinese Renminbi. The only major exception was the Japanese Yen; the Yen hit bottom earlier this year, and currently sits 2.2% above its all-time low.

The Dow Jones Industrial Average and the S&P 500 fell 1.5% each. This in contrast to their US Dollar prices reaching new all-time highs; both are more than 60% below their all-time highs when measured in gold.